Stock market live updates: Stocks snap 3-day win streak, Dow down 1,000, US has most virus cases

Chinese tourists with facial masks stand in front of the New York Stock Exchange (NYSE) on February 3, 2020 at Wall Street in New York City.

Johannes Eisele | AFP | Getty Images

This is a live blog. Check back for updates.

9:48 am: Dow drops more than 1,000 points

Stock losses accelerated minutes after the opening bell. The Dow is now down 1,058 points, or 4.7%. The S&P 500 is down 4% and the Nasdaq is 3.87% lower. – Stevens

9:31 am: Stocks open lower, snapping 3-day win streak

Stocks dropped at the open, snapping the market’s best 3-day rally since the 1930s. The Dow Jones Industrial Average fell 812 points for a loss of 3.6%. The S&P 500 dropped 3.2%, while the Nasdaq was 3% lower. – Stevens 

9:21 am: Lululemon says it won’t issue 2020 guidance due to coronavirus uncertainty

Athletic retailer Lululemon said Thursday it won’t provide full-year earnings outlook due to uncertainty surrounding COVID-19. Shares of Lululemon fell nearly 4% in premarket trading on Friday. The yoga pants maker did, however, report fourth-quarter earnings and sales that topped analysts’ estimates. Same-store sales overall were up 20%, the company said, while online sales surged 41% during the quarter. Men’s revenue was up 32%, and women’s was up 17%. – Fitzgerald

9:10 am: Billionaire Leon Cooperman: I’m optimistic the stock market has bottomed on coronavirus fears

Billionaire investor Leon Cooperman told CNBC on Friday he’s optimistic that the stock market has bottomed on coronavirus fears.

“If I’m right on the virus call, if I’m right and that’s the big ‘if’ … I think the market at the recent low … was close enough to the bottom to be called the bottom,” Cooperman said on “Squawk Box.”

The S&P 500 hit its recent low of 2191.86 on Monday, which was about 35% lower than the index’s last month’s all-time high. “If the economic shutdown goes beyond April into the third quarter, I would be less optimistic,” said Cooperman, founder of the Omega Advisors investment firm, which he turned into a family office at the end of 2018. The investor, who made his fortune picking individual stocks, said he sees an S&P range of 2,200 to 2,800 this year. – Stankiewicz

9:05 am: Volatility Index climbs again

The Cboe Volatility Index rose more than six points on Friday morning to trade above 67. The index, often called Wall Street’s “fear gauge,” has remained elevated despite the market’s sharp rebound over the last three days. The index tracks the future volatility implied by S&P 500 options, suggesting that traders expect choppy trading to continue in the coming weeks. — Pound

8:52 am: KB Home rises 5% in premarket on strong earnings

Shares of KB Home gained 5.7% in premarket trading Friday after the home builder reported strong-than-expected quarterly earnings. The company earned 63 cents per share in its fiscal first quarter, beating consensus estimates by 18 cents, according to Refinitiv. KB Home said it sees a 31% jump in orders and a 28% increase in deliveries during the quarter. However, the company pulled its 2020 guidance given the uncertainty surrounding the coronavirus pandemic. – Li

8:40 am: Coronavirus GDP losses

8:19 am: US has the most cases of coronavirus in the world

The United States now has more confirmed coronavirus cases than Italy and China, making it the country with the largest outbreak in the world.

The total number of cases in the U.S. reached 82,404 Thursday evening, eclipsing China’s 81,782 cases and Italy’s 80,589, according to data compiled by Johns Hopkins University. Confirmed U.S. cases passed 5,000 last week. At the beginning of the month, there were roughly 100 confirmed cases in the U.S. – Stevens

This map shows the latest spread of reported cases of coronavirus

7:58 am: UK Prime Minister Johnson tests positive

7:55 am: Trump says the US and China are ‘working closely together’ in fight against coronavirus

China and the U.S. are aiming to work more closely as the coronavirus continues to spread, leaders of both countries said in a phone call Friday

President Donald Trump said in a tweet that he spoke with his Chinese counterpart Xi Jinping “in great detail” about the COVID-19 pandemic, which has so far killed more than 24,000 people globally.

“China has been through much & has developed a strong understanding of the Virus,” Trump said on Twitter. “We are working closely together. Much respect!” – Stevens, Cheng

7:37 am: Stock futures lower, Dow set to drop 600 points at the open

U.S. stock index futures pointed to losses at the open, which would snap stocks’ record 3-day win streak. The Dow Jones Industrial Average was set to open more than 600 points lower for a loss of 2.7%. The S&P 500 was also on track to drop 2.7% at the open, while the Nasdaq was poised for a 2.6% decline.

On Thursday the Dow and S&P 500 each gained more than 6%, registering their largest 3-day win streaks since 1931 and 1933, respectively. 

Stocks got a boost after the Senate passed a $2 trillion economic stimulus bill aimed at mitigating the economic damage from the coronavirus outbreak. The House is expected to vote on the bill later today.

Comments from Federal Reserve Chairman Jerome Powell also lifted markets on Thursday.

“We still have policy room in other dimensions to support the economy,” Powell said on NBC’s “TODAY” show. “We’re trying to create a bridge from a very strong economy to another place of economic strength.”

Stocks managed to move higher despite the largest weekly jobless claims number on record. Even with the recent strength, the major averages are still more than 20% below their February all-time high levels. – Stevens

– CNBC’s Kevin Stankiewicz and Maggie Fitzgerald contributed reporting.

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